Vietinbank (CTG), Vietcombank (VCB) and JSC Bank For Investment And Development Of Việt Nam (BIDV) pushed the banking sector up, while strong gains were also recorded in brokerage firms such as Saigon Securities Inc (SSI), HCM City Securities (HCM) and VNDirect Securities (VND) notably hitting the ceiling prices, reaching the daily rise limit of 7 per cent.

The food and beverage industry posted a growth of 2.2 per cent on Wednesday, partly thanks to the news that pork prices rose sharply. Compared to 2017, live pig prices have more than doubled. Pork prices in May continued to increase by 10 per cent from April.

According to Bảo Việt Securities Company (BVSC), the increase in pork prices in recent days is due to a sharp decline in supply as livestock farmers reduced their stocks or stopped breeding.

Pork accounts for about 7 per cent of the CPI basket of goods. As a result, a 10 per cent increase of pork prices could have substantial impact on the overall CPI in May (about 0.7 per cent), BVSC said in its daily report.

The company said this macroeconomic news could put adverse influence on investor sentiment in the short term.

On the negative side, the darling of the market on Tuesday, Vinhomes JSC (VHM) suddenly plunged 6.7 per cent to reach VNĐ110,300 per share. In the morning session, the stocks hit the daily decline limit of 6.9 per cent.

Vingroup shares slipped 3.2 per cent to close at VNĐ103,000. It also hit the floor price of VNĐ99,000 in the morning.

The slump of the two largest companies by market capitalisation slowed down the market’s upward trend. — VNS